COURSE TITLE:
RELE 1406-271 REAL ESTATE PRINCIPLES
SEMESTER/YEAR: FALL SEMESTER 2013
COURSE DATES:
1st and 2nd Eight Weeks
INSTRUCTOR:
Al Sechrist
OFFICE LOCATION:
SPC Lubbock, ATC 3201 Avenue Q, Room 157
OFFICE HOURS:
Tuesday, Thursday 1:00–2:00 PM and 3:30–5:30 PM
Monday, Wednesday 3:00-5:30 PM
email ADDRESS:
asechrist@southplainscollege.edu
OFFICE PHONE:
716-4653
COURSE
DESCRIPTION:
This course is a complete overview of licensing as a broker or
salesperson. It includes ethics of practice as a license holder,
titles to and conveyance of real estate, legal descriptions,
deeds, encumbrances and liens, distinctions between personal
and real property, appraisal, finance and regulations, closing
procedures, and real estate mathematics. Also covers at least
three hours of classroom instruction on federal, state, and
local laws relating to housing discrimination, housing credit
discrimination, and community reinvestment. Fulfills the 60hour requirement for salesperson license.
COURSE GOALS:
The student will be able to define real estate broker and
salesman licensing requirements; describe conveyance of real estate procedures and
considerations; summarize real estate principles including law of agency, deeds,
titles, legal descriptions, encumbrances, contracts, appraisals, finance, regulations,
laws governing real estate transaction and housing discrimination.
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GENERAL INFORMATION
I.
II.
STUDENT FOLLOW-UP
If you take the Texas Real Estate Salesperson’s License Examination, We request you let us know the
results. If you take it more than once please let us know. If you receive a Strengths and Weaknesses
Report, We need this information to improve our effectiveness as an educational provider. Send an email
to:asechrist@southplainscollege.edu
Program Graduates (Certificate or A.A.S. Degree) please let us know if you go to work after leaving SPC.
We will need to know what job you are working even if it is not in Real Estate or if you continue your
education, let us know that. Send an email to: asechrist@southplainscollege.edu Please include your new
address if you move.
TEXTS AND OTHER MATERIALS
Nance, Cheryl Peat. MODERN REAL ESTATE PRACTICE IN TEXAS, 15th
Edition. (2009). Chicago: Real Estate Education Company. ISBN #
9781427735607
III.
ATTENDANCE POLICY
Punctual and regular class attendance is required. Whenever absences
become excessive and, in the instructor's opinion, minimum course objectives
cannot be met due to absences, the student will be withdrawn from the
course. No student will receive credit for the course if he/she does not attend
a minimum of two-thirds of the total class time. When an unavoidable
reason for a class absence arises, the instructor may permit the student to
make up work missed. In such case it is the student's responsibility to
complete work missed within a reasonable period of time as determined by
the instructor.
IV.
EXAMINATION POLICY
There will be four examinations, including a final examination, generally
composed of objective (multiple choice and true or false) questions. From
time to time pop quizzes may be given. Examination bonus questions may be
given, if so, they will generally be essay type questions.
V.
GRADING POLICY
The student's final grade will be derived as follows: Examinations 80%,
Class Participation 20%. Class participation grade will be based on
attendance, participation in discussions, and pop quizzes if any. Each
absence, tardy, or leaving at break will subtract from participation grade.
Each examination including the final will count equally toward the student's
final grade. The students's final letter grade will be determined by the
following scale: 90-100 = A, 80-89 = B, 70-79 = C, 60-69 = D, and 59 and
below = F.
VI.
ASSIGNMENT POLICY
At each class meeting, you should have read and understand the material in
the chapter or chapters to be covered and be prepared to discuss this
material.
VII.
COURSE OBJECTIVES
A.
By actively participating in this course the student will know and
understand the common terminology of basic real estate and will be
able to demonstrate that knowledge on the examinations with a
passing grade.
B.
The student will be able to identify the fundamental principles of real
estate as determined on the examinations.
C.
Students who complete this course will understand and be able to
apply the necessary fundamentals to establish a foundation for other
real estate courses.
D.
Students who attend on the required three hour fair housing lecture
days will meet the fair housing lecture requirements for a Texas Real
Estate License.
E.
Students who successfully complete this course will meet the Real
Estate Principles Course requirements for a Texas Real Estate
License.
F.
Students who actively participate in this course will be able to describe
and explain the basic fundamentals of real estate.
CONTENT OUTLINE
I.
Week 1
A.
Course Introduction (C 1,2,3,5,6,9)(F 1,5,6,10,15)
Objectives: 1. Familiarize students with each other & instructor
2. Discuss license requirements
3. Outline the course & policies
4. Discuss the real estate business in general
B.
II.
Week 2
A.
Chapter 2 (C 3,5,6,9)(F 1,5,10,11)
Real Property
Objectives: 1. Land, real estate, and real property
2. Real property versus personal property
3. Characteristics of real estate
B.
III.
Chapter 1 (C 3,5,6,9)(F 1,5,10,11)
Introduction to Modern Real Estate Practice
Objectives: 1. Real estate specializations
2. Sources of real estate law
3. Professional organizations
Chapter 3 (C 3,5,6,9)(F 1,5,10,11)
The Real Estate Market
Objectives: 1. Characteristics of real estate
2. Uses of real property
3. The business of value
4. Cycles
Week 3
A.
Chapter 4 (C 3,5,6,9)(F 1,5,10,11)
Concepts of Home Ownership
Objectives: 1. Why home ownership
2. Types of housing
3. Benefits of home ownership
B.
Chapter 5 (C 3,5,6,9)(F 1,5,10,11)
Real Estate Brokerage and the Law of Agency
Objectives: 1. Brokerage defined
2. Law of Agency
3. Agency responsibilities
4. Broker-salesman relationship
5. Broker's compensation
IV.
Week 4
A.
Chapter 6 (C 3,5,6,9)(F 1,5,10,11)
Three clock hour lecture on Fair Housing
Fair Housing Laws and Ethical Practices
Objectives: 1. Federal, State and local laws governing housing
discrimination
2. Housing credit discrimination
3. Blockbusting, Steering, and Redlining
4. Community Reinvestment Act
5. Equal Credit Opportunity Act
V.
Week 5
A.
Review Chapter 1-6 and First Examination (C 4,6,7)(F
1,2,5,7,8,10,11,16)
B.
Chapter 7 (C 3,5,6,9)(F 1,5,10,11)
The Texas Real Estate License Act
Objectives: 1. Purpose
2. Real estate law
3. Requirements
4. Licensing requirements
5. Explanation
VI.
Week 6
A.
Chapter 8 (C 3,5,6,9)(F 1,5,10,11)
Interests in Real Estate
Objectives: 1. Feudal and allodial system
2. Government powers
3. Estates in land
4. Encumbrances
5. Water rights
VII.
Week 7
A.
Chapter 9 (C 3,5,6,9)(F 1,5,10,11)
How Ownership is Held
Objectives: 1. Ownership in severalty
2. Co-ownership
3. Tenancy in common
4. Joint tenancy
5. Trusts
6. Condominium ownership
B.
Chapter 10 (C 3,5,6,9)(F 1,5,10,11)
Legal Descriptions
Objectives: 1. Describing the land
2. Metes and bounds
3. Rectangular survey system
4. Recorded sub-division plat
VIII. Week 8
A.
Chapter 11 (C 3,5,6,9)(F 1,5,10,11)
Real Estate Taxes and Other Liens
Objectives: 1. Liens and effects on title
2. Tax liens
3. Mortgage liens
4. Mechanic's liens & Judgments
B.
IX.
Chapter 12 (C 3,5,6,9)(F 1,5,10,11)
Real Estate Contracts
Objectives: 1. Contract law
2. Essential elements to a valid contract
3. Contracts used in the real estate business
Week 9
A.
Review Chapters 7-12 and Second Examination (C 4,6,7)(F
1,2,5,7,8,10,11,16)
B.
Chapter 13 (C 3,5,6,9)(F 1,5,10,11)
Listing Agreements
Objectives: 1. Types of listings
2. Termination of a listing
3. Obtaining listings
4. Pricing the property
C.
Chapter 14 (C 3,5,6,9)(F 1,5,10,11)
Real Estate Appraisal
Objectives: 1. Value
2. Three approaches to value
3. Depreciation
4. The appraisal report
X.
Week 10
A.
Chapter 15 (C 3,5,6,9)(F 1,5,10,11)
Real Estate Financing: Principles
Objectives: 1. Mortgage theory
2. U.S. Mortgage Law
3. Security and debt
4. Provisions of the note
5. Provisions of the deed of trust
6. Foreclosure
XI.
Week 11
A.
Chapter 16 (C 3,5,6,9)(F 1,5,10,11)
Real Estate Financing: Practice
Objectives: 1. Sources of Real Estate Financing
2. The Primary Mortgage Market
3. Application for credit
4. Payment plans
5. Conventional, FHA and VA loans
6. Texas Loan Programs
7. Other financing techniques
8. Government influence in mortgage lending
9. Private influence in the mortgage market
XII.
Week 12
A.
Chapter 17 (C 3,5,6,9)(F 1,5,10,11)
Transfer of Title
Objectives: 1. Voluntary alienation
a. Requirements for a valid conveyance
b. Types of deeds
2. Involuntary alienation
3. Transfer of a deceased person's property
B.
Chapter 18 (C 3,5,6,9)(F 1,5,10,11)
Title Records
Objectives: 1. Public records and recording
2. Evidence of title
a. Abstract of title
b. Title insurance
c. Certificate of title
3. Marketable title
XIII. Week 13
A.
Review Chapters 13-18 and Third Examination (C 4,6,7)(F
1,2,5,7,8,10,11,16)
B.
Chapter 19 (C 3,4,5,6,7,9)(F 1,2,3,4,5,9,10,11,12,13)
Real Estate Mathematics
Objectives: 1. Percentages
2. Interest
3. Amortization and loan discount
4. Areas and volume
5. Prorations
C.
Chapter 20 (C 3,5,6,9)(F 1,5,10,11)
Closing the Real Estate Transaction
Objectives: 1. Closing
2. The title
3. Escrow
4. Closing statement
XIV. Week 14
A.
Chapter 21 (C 3,5,6,9)(F 1,5,10,11)
Leases
Objectives: 1. Leasehold estates
2. Lease provisions
3. Landlord and Tenant Act
4. Types of leases
B.
Chapter 22 (C 3,5,6,9)(F 1,5,10,11)
Property Management
Objectives: 1. Management considerations
2. Risk management
3. The management profession
XV.
Week 15
A.
Chapter 23 (C 3,5,6,9)(F 1,5,10,11)
Control of Land Use
Objectives: 1. Land-use controls
2. Public ownership
3. Interstate Land Sales Full Disclosure Act
B.
Chapter 24 (C 3,5,6,9)(F 1,5,10,11)
Real Estate Investment
Objectives: 1. Investing in real estate
2. The investment
3. Leverage
4. Tax benefits
XVI. Week 16
A.
Course Wrap-up and Review for Final Examination
SCANS COMPETENCIES
C-1
C-2
C-3
C-4
TIME-Selects goal relevant activities, ranks them, allocates time, and prepares and follows schedules.
MONEY-Uses or prepares budgets, makes forecasts, keeps records, and makes adjustments to meet objectives.
MATERIALS & FACILITIES-Acquires, stores, allocates, and uses materials or space efficiently.
HUMAN RESOURCES-Assesses skills and distributes work accordingly, evaluates performances and provides
feedback.
INFORMATION-Acquires and Uses Information
C-5
Acquires and evaluates information
C-6
Organizes and maintains information.
C-7
Interprets and communicates information.
C-8
Uses computers to Process information.
INTERPERSONAL-Works With Others
C-9
Participates as members of a team and contributes to group effort.
C-10
Teaches others new skills.
C-11
Serves clients/customers-works to satisfy customer’s expectations.
C-12
Exercises leadership-communicates ideas to justify position, persuades and convinces others, responsibly
challenges existing procedures and policies.
C-13
Negotiates-Works toward agreements involving exchanges of resources resolves divergent interest.
C-14
Works with Diversity-Works well with men and women from diverse backgrounds.
SYSTEMS-Understands Complex Interrelationships
C-15
Understands Systems-Knows how social, organizational, and technological systems work and operates effectively
with them.
C-16
Monitors and Correct Performance-Distinguishes trends, predicts impacts on system operations, diagnoses
systems performance and corrects malfunctions.
C-17
improves or Designs Systems-Suggest modifications to existing systems and develops new or alternative systems
to improve performance.
TECHNOLOGY-Works with a variety of technologies
C-18
Selects Technology-Chooses procedures, tools, or equipment including computers and related technologies.
C-19
Applies Technology to Task-Understands overall intent and proper procedures for setup and operation of
equipment.
C-20
Maintains and Troubleshoots Equipment-prevents, identifies, or solves problems with equipment, including
computers and other technologies.
FOUNDATION SKILLS
F-1
F-2
F-3
F-4
F-5
F-6
F-7
F-8
F-9
F-10
F-11
F-12
F-13
F-14
F-15
F-16
F-17
BASIC SKILLS-Reads, writes, performs arithmetic and mathematical operations, listens and speaks
Reading-locates, understands, and interprets written information in prose and in documents such as manuals,
graphs, and schedules.
Writing-Communicates thoughts, ideas, information and messages in writing, and creates documents such as
letters, directions, manuals, reports, graphs, and flow charts.
Arithmetic-Performs basic computations, uses basic numerical concepts such as whole numbers, etc.
Mathematics-Approaches practical problems by choosing appropriately from a variety of mathematical
techniques.
Listening-Receives, attends to, interprets, and responds to verbal messages and other cues.
Speaking-Organizes ideas and communicates orally.
THINKING SKILLS-Thinks creatively, makes decisions, solves problems, visualizes, and knows how to learn and
reason
Creative Thinking-Generates new ideas.
Decision-Making-specifies goals and constraints, generates alternatives, considers risks, and evaluates and
chooses best alternative.
Problem Solving-Recognizes problems and devises and implements plan of action.
Seeing Things in the Mind’s Eye-Organizes and processes symbols, pictures, graphs, objects, and other
information.
Knowing How to Learn-Uses efficient learning techniques to acquire and apply new knowledge and skills.
Reasoning-Discovers a rule or principle underlying the relationship between two or more objects and applies it
when solving a problem.
PERSONAL QUALITIES-Displays responsibility, self-esteem, sociability, self-management, integrity and honesty
Responsibility-Exerts a high level of effort and preservers toward goal attainment.
Self-Esteem-Believes in own self-worth and maintains a positive view of self.
Sociability-Demonstrates understanding, friendliness, adaptability, empathy, and politeness in group settings.
Self-Management-Assesses self accurately, sets personal goals, monitors progress, and exhibits self-control.
Integrity/Honesty-Chooses ethical courses of action.
CAMPUS GUIDELINES
CHILDREN ON CAMPUS
Many of the students attending classes at South Plains College are also parents who value the opportunity to
participate in higher education. Sometimes students are faced with the decision of whether to remain at home with
their children, bring children with them to class, or be absent from class. The following guidelines address concerns
for the safety of children on campus and provide for an environment conducive to learning:
1.
Students are not allowed to bring children to class and will be asked to leave in the interest of providing an
environment conducive for all students enrolled in the class. Students are responsible for adherence to the
attendance requirements set forth by the instructor in the course syllabus.
2.
Children may not be left unattended. In order to provide for the safety of children on campus, parents or
other guardians are responsible for supervising children while utilizing services or conducting business on
campus.
3.
Disruptive children will not be allowed to interfere with college business. Parents or other guardians
are responsible for supervising and controlling the behavior of children they have brought on campus.
AMERICANS WITH DISABILITIES ACT STATEMENT
“Students with disabilities, including but not limited to physical, psychiatric or learning disabilities, who wish to request
accommodations in this class should notify the Special Services Office early in the semester so that the appropriate arrangements
may be made. In accordance with federal law, a student requesting accommodations must provide acceptable documentation of
his/her disability to the Coordinator of Special Services. For more information, call or visit the Special Services Office in rooms
809 and 811, Reese Center Building 8, 885-3048 ext. 4654.
DIVERSITY STATEMENT*
In this class, the teacher will establish and support an environment that values and nurtures individual and group
differences and encourages engagement and interaction. Understanding and respecting multiple experiences and
perspectives will serve to challenge and stimulate all of us to learn about others, about the larger world, and about
ourselves. By promoting diversity and intellectual exchange, we will not only mirror society as it is, but also model
society as it should and can be.
(*Developed by the Title III summer 2001 participants as part of the training opportunity, May-June 2001, South
Plains College).
GENERAL SAFETY ON CAMPUS
South Plains College recognizes the importance of safety on campus. The protection of persons and property is a
responsibility which we all share. Personal safety begins with the individual. The following guidelines are intended
to assist you in protecting yourself and to encourage practices that contribute to a safe environment for our campus
community.
e
e
e
e
Never leave your personal property unsecured or unattended.
Look around and be aware of your surroundings when you enter and exit a building.
Whenever possible, avoid walking alone, particularly after dark. Walk to your vehicle with other
class members or request that the Security Guard walk you to your car.
When approaching your vehicle, keep your keys in your hand; look under your car and in the back
seat and floorboard. Lock the doors as soon as you are inside your car.
FOOD AND DRINK IN CLASSROOMS
It is the policy of South Plains College not to permit food or drink in the classrooms or laboratories.
In case of emergency, contact the following numbers but DO NOT leave a voice mail message:
894-9611, ext. 2338 - Levelland Campus 747-0576, ext. 4677 - ATC 885-3048, ext. 2923 - Reese Center (mobile 893-5705)